On July 1, 2024, Gupta Corporation bought 25% of the outstanding common stock of VB Company for $126 million cash, giving Gupta the ability to exercise significant influence over VBs operations. At the date of acquisition of the stock, VBs net assets had a total fair value of $454 million and a book value of $246 million. Of the $208 million difference, $46 million was attributable to the appreciated value of inventory that was sold during the last half of 2024, $80 million was attributable to buildings that had a remaining depreciable life of 10 years, and $82 million related to equipment that had a remaining depreciable life of five years. Between July 1, 2024, and December 31, 2024, VB earned net income of $62 million and declared and paid cash dividends of $37 million.

Required:

Prepare all appropriate journal entries related to the investment during 2024, assuming Gupta accounts for this investment by the equity method.

Determine the amounts to be reported by Gupta.